Emma RadmoreThe PSR has published the APP scams performance report for 2023. Highlights from the report show:
- over 250,000 reports were made in 2023, with scams totalling over £340m;
- reimbursement rates have increased while fraud value has decreased;
- reimbursement for victims largely depends on who they bank with – Nationwide fully reimbursed 98% of cases, but AIB only 3%. In terms of value, TSB reimbursed 88% but AIB only 9%;
- 67% of money lost to scams is now reimbursed (an improvement on the previous year), but currently only the sending firm makes any reimbursement, and smaller firms have much higher rates of receiving scam funds and must work on their systems and controls to improve this;
- for most of the reporters, over £300 of every £1m sent was lost to scams, while over 100 of ever 1m transactions were reported as scams. For the larger firms, no more than around £400 in every £1m received was from scams (with many reporting significantly lower figures), but smaller firms had disportionately higher rates of scams with one reporting over £18,000 in every £1m received. Similar statistics applied in payment volume, ranging from 2,700 in each 1m transactions for one smaller entity, but only 33 for one large bank.